I’m trying to find a cost effective way of transferring USD to my Revolut USD account. I have Citibank USD accounts in the UK and USA but want to avoid high cost SWIFT transfers if possible. I’ve seen some incomplete discussion on this which implies that it may be possible but I can’t nail down the details. Any help, gratefully received!
Do you have a card with these accounts?
Yes, a Mastercard debit card with both accounts - obviously issued in the UK and US respectively.
Thanks Alessandro - I know you are one of the consistent helpers on this forum. Please see my reply to Frank which details my experience in trying to use the card for topping up - the Revolut app insisted on putting the top up into my GBP account, not my USD account.
Without being 100% sure you can do an ACH paymeny topup to transferwise fee fre and then do a SWIFT payment from transferwise to revolut for 3-4 usd.
Or better, use the TW debit card to top up Revolt without a fee.
Hello! I want to get a wire transfer from USA to my Revolut account. I have opened USD account in the application and there is a GB IBAN account. Is that OK? If the anount is more than 10K USD, do I have to send some documents for approval? Thanks.
Unfortunately the USD account doesn’t support wire transfers from the US. It only supports SWIFT.
This normally incurs high fees by sending banks, as such the pretty much endorsed way on the forums here is to use a Transferwise Borderless account to receive a local wire transfer, which you then transfer to your Revolut account.
This avoids any fees besides the fixed transfer fee that Transferwise has.
Here’s a link to the borderless account for you
Thanks a lot! As I realize, most convenient way to get a local USD transfer to Tranferwise account is a ACH type transfer. Only in that case is not necessary to add “TransferWise FBO” before the beneficiary name. I’m affraid, the hedge fund (from which I expect to get a transfer) can refuse to transfer with a “TransferWise FBO” prefix before the name.
the difference in fees for international and domestic wires are negligible in my bank so I want to go ahead with SWIFT. I am trying to send USD from Chase to USD in Revolut. However, I need to fill out the sort code. Now this is where I am facing issues. I understand that sort code is part of the IBAN (at least generally). On the other hand, Revolut chat representative tells me to use the sort code I can find under my GBP account but this sort code is not part of my IBAN, which makes me wonder.
Which sort code should I use? The one extracted from IBAN or the one from the GBP (local)? The bank requires both IBAN and the sort code.
Extract the sort code from the USD IBAN
I have received an email that the Transferwise FBO will be gone soon.
This will be effective from 5 August.
Screenshot from the email:
Sorry for late reply but do you know if a transfer from Transferwise Borderless to Revolut USD account (via SWIFT) will incur charges? Transferwise say there is a $4.80 fee on their end. Do you know if either Revolut or intermediary banks will charge a fee for this? I am UK-based for reference.
I see many people here suggesting this method to receive USD because it only costs a couple dollars, but some websites warn that SWIFT can have intermediary bank handling fees of like $20.
Revolut and their intermediary bank shouldn’t charge any fees, so it should just be the flat $4.80 from Transferwise.
If they do end up charging you a fee, I’d complain and ask for it to be reimbursed, as Revolut advertise fee-free transfers and I’d personally expect them to be fee-free
Okay, so I sent myself 1000 USD via swift. My bank charged me about 7,75 dollars, which is fair (charging from my bank account), but on my REvolut account only 970 showed up. I didn’t manage to find any kind of fee that would justify where my 30 dollars went.
Any ideas guys?
Look if this could be of your help…
Eventually contact in-app support for details…
Thank you for your quick response!
I’ve read this article, but my problem is still that I have already paid a handling fee at my bank. Now I have to pay another bank, without any transparency about 4 times the amount that I already paid?
Do you know if it is a one-time fix payment? Like if I want to send an additional 5000 USD to my account, will it charge 150 dollars? Bc screw the whole thing in that case.
Is there any way around this fee?
Thanks in advance!!
It’s the nature of intermediary bank fees for SWIFT transfers that neither the sender nor the recipient charges you, it’s other parties in between.
When your sending bank is different from mine, the fees might vary for the same transfer, because the money might take a different route depending on intermediaries and corresponding banks that are used.
“Wise” might be better suited for you if you’re looking for upfront transparency regarding total fees.
It’s my same “suspect”…
I’ve sent various amount by SEPA to Revolut and they all arrived with no change at all.
Ask support but I’m quite sure some “intermediate” part has decided to take its slice of the pie… (somethin’ your sending bank should have warned you about…)